The data (in thousands of dollars) were extracted from Larop Corporation's financial reports for the previous fiscal year.

Sales ........................................................................................ $870

Purchases of raw materials..................................................... $190

Direct labor.............................................................................. $200

Manufacturing overhead ........................................................ $230

Administrative expenses......................................................... $150

Selling expenses...................................................................... $140

Raw materials inventory, beginning ....................................... $10

Raw materials inventory, ending ............................................ $40

Work in process inventory, beginning .................................... $20

Work in process inventory, ending ......................................... $50

Finished goods inventory, beginning ...................................... $90

Finished goods inventory, ending ........................................... $130

Required:

i. Prepare a Schedule of Cost of Goods Manufactured in good form!

ii. Compute the Cost of Goods Sold!

iii. Using data from your answers above as needed, prepare an Income Statement in good form!